Tushar Arora (CA Finalist & Article) 13 July 2011
exempt if the mutual fund is equity based fund i.e. having equal to or more than 65% investment in equity..
C.A SHASHANK GOYAL (Chartered Accountant) 13 July 2011
YES AGREE WITH ABOVE AND BY VIRTUE OF SECTION 10(35).
Durgesh Joglekar (Mcom) 13 July 2011
Agree with tushar......
In the case of long term capital gain arising out of the sale of shares or equity mutual funds, there is no income tax under section 10(38) is fully exempt.
Dheeraj (Learner) 13 July 2011
these are normal mutual funds and i think co. never tell us what they will do with the money recd. against mutual funds..
i mean how can i know they invest >65% in equity
Durgesh Joglekar (Mcom) 13 July 2011
Dheeraj......
in FACTSHEET of any AMC it is specified about it... as EQUITY oriented mutual fund schemes.....
or else you can check out at...
Dheeraj (Learner) 13 July 2011
i think all mutual funds are not exempt
like mutual funds of Reliance, HDFC, UTI etc.
U S Sharma (glidor@gmail.com) 13 July 2011
check the document under link to find that your mutual fund is exempted or not
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/sec_010(23d).htm
Dheeraj (Learner) 13 July 2011
@ US Sharma...
Already read this page..
this page does not include all as specified above like HDFC etc.
@ Durgesh Thanks Sir, But this site is not working...
U S Sharma (glidor@gmail.com) 13 July 2011
go to your mutual fund site and check the status of specific fund, also the redemption memo contain the exemption notification data.
mere on gross information "mutual fund" discussion can not continue. unless specific fund details are available
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